Kuda announces new features, ends free business transfers (2024)

Nigerian Fintech startup, Kuda has announced modifications to its mobile banking operations as well as introduction of new features.

In a medium post, the company said, “We created Kuda Business to empower Nigerian business people like you, and as a result, we strive to provide you with the best services possible. We need to make certain well-considered modifications to continue providing you with those services in a reliable manner and to continue adding helpful features to the Kuda Business app, including our new soft POS.”

One of the modifications on Kuda is the discontinuation of the free transfer features on business accounts.This feature is one of the perks that won the hearts of many Nigerians to Kuda bank.

Kuda had, in 2019, introduced 25 free monthly transfers which cost N52 in retail banks. This had saved users transaction charges of N1300 monthly and N15,600 yearly.

The feature has now been modified with the introduction of a N10 charge on every transfer made by business accounts.Personal account holders however continueto enjoy the 25 free transfers.

Kuda is also launching its SoftPoS feature. A SoftPoS or software point of sale is an innovative technology that converts a regular mobile phone or tablet into a secure payment terminal and enables it to accept EMV contactless cards without any additional software.With the softPoS, users do not need to purchase a mobile PoS machine or pay for maintenance of PoS machines.

Users can accept and receive card payments from their mobile phones or tabs. All phones with an NFC module and an Android 8.0 and above can use this feature.

Other new features Kuda announced are Sales mode, Kuda Payroll and business registration.